Which of the following is false with regard to the characteristics of incorporated companies?
a. The company is a separate legal person which can sue and be sued.
b. Directors are responsible for the management of the company.
c. Shareholders, as shareholders, are not liable for the debts and other obligations of the company.
d. A shareholder's liability is limited to the amount he or she paid for the shares.
e. The shareholders would be vicariously liable for any damage caused by a company employee carrying out his or her duties.